Gateway Mining : Shallow AC Results up to 14g/t Highlight Achilles Extensions

For personal use only

ASX Announcement

ASX: GML

6 June 2022

Shallow Air-core Intercepts of up to 14g/t Highlight

Extensions of Achilles Deposit

Shallow oxide gold intercepts up to 4m @ 14.0g/t Au adjacent to the existing 99,000oz1

Achilles Resource highlight the potential for near-term additions

HIGHLIGHTS

• Positive assay results returned from air-core drilling designed to test the immediate strike extents of granodiorite-hosted oxide mineralisation at the 99,000oz Achilles Mineral Resource:

▪	GWAC1198:	4m	@ 14.0g/t Au from 32m
▪	GWAC1197:	4m	@ 4.4g/t Au from 44m
▪	GWAC1186:	8m	@ 1.6g/t Au from 28m
▪	GWAC1182:	8m	@ 1.4g/t Au from 28m

• The mineralisation is located in the oxide zone, within 40m of surface, and is supported by previously reported Gateway drilling campaigns targeted within the granodiorite.
• Results indicate the potential to delineate additional shallow ounces within the extensively mineralised Montague Granodiorite corridor south of Achilles towards the Airport prospect.
• A major new Reverse Circulation (RC) drilling campaign is set to commence at Gidgee shortly, focused on strike extensions to existing Mineral Resources, as well as other high-priority targets around the margin of the Montague Granodiorite system.

1 2,068,000t @ 1.5g/t Au for 99,000ozs Indicated and Inferred. See ASX Release dated 14 December 2021

Gateway Mining Ltd

B1/431 Roberts Road	LinkedIn: @gateway-mining
Subiaco WA 6008	Twitter: @gateway_mining
	www.gatewaymining.com.au

For personal use only

Gateway's Managing Director, Mr Mark Cossom, said: "The recently completed air-core program is continuing to deliver fantastic results and opens up exciting new areas at Gidgee. Following on from the significant results reported recently along the Julias-Flametree trend, we now have a series of very encouraging results from shallow drilling adjacent to the 99,000oz at Achilles - including a standout air-core intercept of 4m at 14g/t.

"We see clear potential to delineate additional shallow ounces at Achilles, with this area to be targeted as part of an extensional RC drill program set to begin shortly across the Gidgee Project. This next round of drilling, together with the results reported recently, will contribute to our next major resource upgrade during the second half of 2022."

Gateway Mining Limited (ASX: GML) (Gateway or Company) is pleased to report significant shallow gold intercepts from recent air-core drilling completed adjacent to the Achilles/Airport deposit at its 449,000oz2 Gidgee Gold Project, located in the Murchison Region of Western Australia.

A total of 19 holes for 1,026m of air-core drilling were completed around the margins of previously identified near-surface, oxide gold mineralisation hosted within the Montague Granodiorite at Achilles/Airport (Figure 1) (see Table 1 and Appendix A for detail).

The existing 99,000oz Indicated and Inferred Mineral Resource at Achilles/Airport was defined by Gateway in December 2021 and consists of a zone of mainly oxide-hosted gold mineralisation that extends almost to surface, largely related to the western margin of the Montague Granodiorite unit, directly along strike of the historic Rosie open pit.

Within the existing Mineral Resource, a significant zone of flat-lying, oxide gold mineralisation has previously been identified within the granodiorite unit east of the main contact zone, with several prospective areas still open outside of the existing Resource. This current air-core program was designed to test the persistence of oxide mineralisation within these open areas.

This drilling has been highly successful, with shallow intercepts returned outside of the Mineral Resource of:

▪	GWAC1198:	4m	@ 14.0g/t Au from 32m
▪	GWAC1197:	4m	@ 4.4g/t Au from 44m
▪	GWAC1186:	8m	@ 1.6g/t Au from 28m
▪	GWAC1182:	8m	@ 1.4g/t Au from 28m
▪	GWAC1183:	4m	@ 1.8g/t Au from 24m
▪	GWAC1188:	3m	@ 1.0g/t Au from 52m (hole ended in mineralisation)
▪	GWAC1181:	4m	@ 0.8g/t Au from 36m

As illustrated by these intersections, mineralisation is located within 50m of surface. Historic drilling by Gateway has highlighted the extensive nature of this oxide zone of supergene gold mineralisation at the extended Achilles target area:

▪	GRC628:	7m	@ 1.6g/t Au from 50m3
▪	GRB1430:	10m	@ 3.0g/t Au from 25m
▪	GRB1444:	5m	@ 3.0g/t Au from 25m
▪	GRB1210:	10m	@ 2.5g/t Au from 30m

The majority of historic drilling in this extended Achilles area has been completed using RAB techniques. While not applicable for use in Mineral Resource estimation, these RAB results do highlight the opportunity in this area. These newly announced air-core results, coupled with historic drill data, will be used to refine targeting for the next phase of RC drilling aimed at defining further Mineral Resources between the existing Achilles and Airport deposits.

Upcoming Exploration

The Company is pleased to confirm that a RC drill rig has been secured to commence on site in the second week of June 2022. This rig will be utilised to undertake a major RC program, primarily targeting direct extensions to mineralisation at the Montague-Boulder, Evermore and Achilles Mineral Resources. In addition, following the successful delineation of mineralisation at Kashmir, systematic programs will be completed testing along the 8km strike of the eastern margin of the Montague Granodiorite.

1. 8,165,000t @ 1.7g/t u for 449,000ozs Indicated and Inferred. See ASX Release dated 14 December 2021.
2. See ASX Release dated 12 February 2021

2

For personal use only

Further drilling will also be planned upon receipt of pending assay results from the recently completed RC programs.

In addition, preparations are underway for another significant air-core program commencing late in the September 2022 Quarter. This program will primarily be aimed at testing several exciting conceptual targets within the broader Gidgee Gold Project.

These imminent drilling programs are consistent with Gateway's stated aims of completing 60,000m of drilling during 2022 at the Gidgee Gold Project, to underpin further growth in the current 449,000oz Mineral Resource.

Figure (1): Achilles Extended air-core drilling, with recent assay highlights. Note the presence of significant oxide mineralisation immediately adjacent to the current Mineral Resource, as well as south of the historic Rosie open pit.

3

For personal use only

Figure (2): Achilles Extended air-core hole location diagram,

This released has been authorised by:

Mark Cossom

Managing Director

For and on behalf of

GATEWAY MINING LIMITED

Competent Person Statement

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled or reviewed by Mr Stuart Stephens who is a full-time employee of Gateway Mining Ltd and is a current Member of the Australian Institute of Geoscientists. Mr Stephens owns options in Gateway Mining Ltd. Mr Stephens has sufficient experience, which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Stephens consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

4

For personal use only

Investors	Media
Mark Cossom	Nicholas Read
Managing Director	Read Corporate
T: 08 6383 9969	T: 08 9388 1474
or
Kar Chua
Company Secretary
T: 02 8316 3998

Click here to subscribe to investor updates

Follow us on:

LinkedIn: @gateway-mining

Twitter: @gateway_mining

5